Capstone Special Situations
What makes us different?
From distressed municipal debt to specialty telecommunications, our Special Situations team identifies unique investment and strategic ideas that fall outside of our core sectors, diving deep into the issues that focus on distressed or event-driven opportunities. This means constantly reevaluating ways to produce differentiated analysis that allows our clients to better understand regulatory pressure and legislative trends.
We live in the weeds.
In order to identify unique, non-traditional investment themes, our analysts strive to become experts on the opaque policy details. We sift through murky comment letters, proposed rules, agency publications, and legislative drafts. We also attend public hearings and visit the municipal bond issuers we cover in person in search of insight and conclusions often missed by others. Throughout our continued coverage, our analysts have built strong relationships with current and former senior officials in the United States and its territories, leading financial advisory firms, and vital members of the business community. These relationships allow us to closely track volatile situations and ensure that our coverage considers the viewpoints of those closest to the issues we cover. Capstone prides itself on digging deep to cut through the noise to provide context and differentiated insights.
Selected Issues
- Distressed municipal debt of Puerto Rico, Detroit, and Illinois
- TXU/Energy Future Holdings Restructuring
- Gaming
- Merger arbitrage
- Trucking and transportation
- Product liability claims
- Net metering policies
- For-profit education
Case Studies
Capstone has a proven track record of providing in-depth analysis across a wide range of policy and regulatory issues. Our case studies demonstrate our special situations team’s ability to help clients navigate complex policy challenges and develop targeted revenue-driving strategies.
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Our Latest Special Situations Insights
The Coming SLG Boom
May 27, 2025 By Matt Wiederrecht, Head of Capstone's Special Situations Team Capstone believes companies and investors are underappreciating opportunities associated with state and local governments (SLGs) spending—particularly in construction, govtech, and outsourced...
Expect More Policy-Driven Volatility from Reciprocal Tariffs
April 4, 2025 By Alec Vaughan, Capstone Special Situations Analyst While there is room for negotiation to reduce the reciprocal tariffs imposed by President Trump on April 2nd, policy-driven volatility will keep the market sell-off from quickly reversing course. We...
Mergers and Maneuvers: Trump’s Return to Realign M&A and Antitrust Focus
January 27, 2025 By Matt Wiederrecht, Head of Capstone’s Special Situations Team SES/Intelsat: Antitrust Regulators Will be More Amenable to Remedies Under Trump, Positive for SES-Intelsat Transaction, Which Is Expected to Close H2 2025 WinnersIntelsat SALosersCharter...
